Get a clear picture of your mortgage payments and see how different loan terms affect your financial future.
Our mortgage calculator makes it easy to understand your home loan options in just three simple steps.
Input your home price, down payment, loan term, and interest rate to get started.
See your monthly payment breakdown including principal, interest, taxes, and insurance.
Compare different scenarios, save your results, or get pre-approved with our lending partners.
Our mortgage calculator offers powerful features to help you make informed decisions about your home loan.
View a detailed breakdown of each payment over the life of your loan, showing how much goes to principal vs. interest.
See how making additional payments can reduce your loan term and save thousands in interest over the life of your mortgage.
Compare different loan scenarios side by side to find the best option for your financial situation.
Determine how much house you can afford based on your income, expenses, and desired monthly payment.
Calculate potential savings from refinancing your current mortgage to a new rate or term.
Download detailed PDF reports of your calculations to share with lenders, realtors, or financial advisors.
Explore our suite of financial tools designed to help you make informed decisions about your home purchase and mortgage.
Determine if refinancing your current mortgage makes financial sense and how much you could save.
Try NowFind out how much house you can afford based on your income, expenses, and financial goals.
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Our mortgage calculator provides estimates based on the information you input. While it's designed to be as accurate as possible, actual loan terms, interest rates, and fees may vary based on your specific financial situation, credit score, and lender requirements. We recommend using the calculator as a starting point and consulting with a mortgage professional for personalized advice.
Several factors influence your mortgage interest rate, including your credit score, down payment amount, loan term, loan type, loan amount, property location, current market conditions, and the overall economic environment. Lenders typically offer lower rates to borrowers with higher credit scores, larger down payments, and shorter loan terms, as these factors reduce the lender's risk.
A fixed-rate mortgage maintains the same interest rate throughout the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) typically starts with a lower interest rate for an initial period (e.g., 5, 7, or 10 years), after which the rate adjusts periodically based on market conditions. ARMs may offer lower initial payments but come with the risk of higher payments later if interest rates rise.
Down payment requirements vary by loan type and lender. Conventional loans typically require at least 3-5% down, while FHA loans may accept as little as 3.5%. VA and USDA loans may offer 0% down payment options for eligible borrowers. However, a 20% down payment is often recommended to avoid private mortgage insurance (PMI) and secure better interest rates. Our calculator can help you see how different down payment amounts affect your monthly payments and overall loan costs.
A typical mortgage payment consists of principal (the amount borrowed), interest (the cost of borrowing), property taxes, and homeowners insurance. This is often referred to as PITI (Principal, Interest, Taxes, Insurance). Some loans may also include private mortgage insurance (PMI) if your down payment is less than 20%, and homeowners association (HOA) fees if applicable. Our calculator allows you to include these additional costs for a more comprehensive payment estimate.
There are several ways to lower your monthly mortgage payment: make a larger down payment, extend your loan term (though this increases total interest paid), find a lower interest rate, improve your credit score before applying, consider an adjustable-rate mortgage, or refinance an existing mortgage when rates drop. You can also look for a less expensive property or eliminate PMI by reaching 20% equity. Our calculator allows you to experiment with these variables to see their impact on your payment.
Mortgage points (or discount points) are fees paid directly to the lender at closing in exchange for a reduced interest rate. Each point typically costs 1% of your loan amount and may lower your rate by 0.25%. Whether paying points makes financial sense depends on how long you plan to stay in the home. If you'll keep the mortgage long enough for the monthly payment savings to exceed the upfront cost of the points, it may be worthwhile. Our calculator can help you compare scenarios with different interest rates.
Making extra payments toward your mortgage principal can significantly reduce the total interest paid over the life of the loan and shorten your loan term. Even small additional monthly payments or occasional lump-sum payments can make a big difference. For example, paying an extra 100 per month on a 30-year, 300,000 mortgage at 4% could save over 30,000 in interest and pay off the loan nearly 5 years early. Our extra payment calculator can show you the potential savings from different payment strategies.
Still have questions? We're here to help.
Contact UsA mortgage is likely the largest financial commitment you'll make in your lifetime. Understanding how mortgage calculations work is essential for making informed decisions about your home purchase and loan options.
Mortgage calculations involve several key components that determine your monthly payment and the total cost of your loan:
The standard formula for calculating a mortgage payment is complex, involving compound interest principles. Our calculator handles these calculations automatically, allowing you to focus on comparing different scenarios and finding the best option for your situation.
Mortgage loans are typically amortized, meaning each payment includes both principal and interest, with the proportion changing over time. In the early years of your mortgage, a larger portion of your payment goes toward interest. As you continue making payments, more of each payment is applied to the principal balance.
This is why making extra payments toward principal, especially early in your loan term, can have such a significant impact on reducing your total interest costs and loan term.
Even a small difference in interest rates can have a substantial impact on your monthly payment and the total cost of your mortgage. For example, on a 300,000 30-year fixed-rate mortgage:
That 1% difference in interest rate results in an additional 178 per month and 64,158 in total interest over 30 years. This illustrates why shopping for the best interest rate is so important.
Your down payment affects several aspects of your mortgage:
Our calculator allows you to experiment with different down payment amounts to see how they affect your monthly payment and overall loan costs.
When evaluating mortgage options, consider not just the monthly payment, but also:
Our comprehensive mortgage calculator helps you consider all these factors to make the most informed decision possible about your home loan.
Use our free calculator to get started on your home buying journey.